Assessment u/s 153A - Additions made in original assessment u/s ...

Tribunal Rules on Additions, Deductions u/ss 153A/143(3) and 115JB; Stresses Incriminating Material's Role.

April 10, 2024

Case Laws Income Tax AT

Assessment u/s 153A - Additions made in original assessment u/s 143(3) of the Act again added back in the assessment completed u/s 153A/143(3) , Disallowance of loss incurred by SEZ added u/s 115JB, Disallowance of deduction claimed u/s 35(2AB) , Expenditure by way of tax paid on ESOP added u/s 115JB - The Tribunal's reinforces the necessity of basing additions and disallowances on incriminating material discovered during search operations, especially in unabated assessment years. Furthermore, it emphasizes the importance of evidentiary value and the principles of natural justice in the assessment process. The decision also delineates the boundaries of allowable deductions and the computation of taxable income in light of dubious transactions and flagged suppliers, adhering to established legal precedents.

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Assessment u/s 153A - Additions made in original assessment u/s ...

Tribunal Rules on Additions, Deductions u/ss 153A/143(3) and 115JB; Stresses Incriminating Material's Role.

April 10, 2024

Case Laws Income Tax AT

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